More mutual funds to build corpus for retirement, kid's education

I am 28 years old. I have two goals: One, Rs 40 lakh for my child's education after 15 years. Two, Rs 80 lakh for my retirement after 25 years. I started investing in 2020, and my first investment is in Canara Robeco Equity Hybrid Fund. Can u suggest more mutual funds for my goals.
-Vijay

You have started right by opting for a goal-based investment strategy. It is always better to start by identifying goals and put a number to them. However, equally important is to pick a realistic target. Round figures like Rs 50 lakh or Rs 1 crore will not be sufficient to meet your goals. Do not underestimate the impact of inflation on your future goals. For example, if an MBA costs Rs 10 lakh today, it would cost around Rs 21.58 lakh after 10 years, when you account for an annual inflation of around 8%. So, do not forget to account for inflation while calculating your future goals.

Also, read: Will Rs 1 crore be enough for you to retire comfortably?


Once you know your target corpus, find out how much you need to invest every month to reach it. You can use online tools or PMT formula in MS Excel to find this out. Elaborating on the previous example, you need to invest around Rs 9,300 every month to create a corpus of around Rs 21.58 lakh in 10 years. We are assuming an annual return of 12% for the calculation.

The next step is to choose suitable mutual funds to achieve the target. Since you have a long term investment horizon, you may consider investing in equity mutual fund. However, your risk appetite would decide the category of mutual funds. For example, you are currently investing in an aggressive hybrid scheme. The aggressive hybrid fund category is suitable for first-time investors or very conservative investors. Conservative investors can choose large cap mutual funds. Multi cap mutual funds are suitable for moderate investors. Mid and small cap schemes are recommended only to investors with very large risk appetite and ability withstand extreme volatility.

Best large cap mutual funds

Best multi cap mutual funds

Best mid cap mutual funds

Best small cap mutual funds

If you are new to mutual funds or do not understand much about investing in mutual funds, do not try to take care of your investments on your own. Seek the help of a reliable mutual fund advisor near you. Gain some experience of investing and learn more about mutual funds and investing, before trying your handle your investments.